Ok, you need a bad credit card. Perhaps, a secured credit card is the most helpful one to improve your credit rating.
To get a secured bad credit card, you are to create and maintain a savings account.
Before applying for the card, please check out the total fees, and double check whether it would be refunded or not if the bad credit card is denied. Today one of the most common examples of a secured card (and one of the most popular recently) is a debit card.
The cardholder with a secured bad credit card deposits a fixed amount of money (from $500 to $1,000), in its account with the card holding company. With any purchase being made – the cardholder draws money from this account. You need to take care of deposits so that you do not run out of money.
Secured bad credit cards are often more easy to obtain because banks do not risk. But you should take into account that a secured card is costlier. Thus, sometimes, an unsecured bad credit card can be an option for the cardholder. But there is an important note: unsecured bad credit cards are offered only to the borrowers with a good credit history and a reliable employment.
One more tip – apply for a bad credit card from the smaller retail stores, because they are more likely to give you a chance.
P.S. Do not keep more than 3 bad credit cards – this will help you to avoid overspending.
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